Fixing the Foreclosure Crisis

(Sacramento) – As the mortgage meltdown in America continues to cause stress and strain for thousands of families, Assembly Democrats in the California State Legislature are working to reform the mortgage industry, hoping the proposed regulations will mitigate the financial pain. Led by Assembly Speaker Karen Bass (D-Los Angeles) and Assemblymember Ted Lieu (D-Torrance), Assembly Democrats have crafted a package of legislation designed  to change the way home loans are prepared and implemented. Here’s more on the Assembly Democrat’s mortgage crisis relief and reform package in this Assembly Web Report.  

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Assemblymember Ted Lieu at the Financial Literacy Summit

Assemblymember Ted Lieu receives Government Leadership in Financial Literacy Award from the California Jump Start Coalition.

Mortgage Crisis: Subprime Mortgages?
Raefer Weigel brings us his report on the housing crisis plaguing our country and local communities.
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Assembly Democrats Take Action to Relieve Sub-prime Mortgage Crisis

(Sacramento) - As the sub-prime mortgage crisis continues to ravage families throughout the state and the nation Assembly Democrats are moving forward with legislation to help consumers who are in danger of losing their homes. As we learn in this Assembly Web Report, the Assembly Committee on Banking and Finance has approved legislation from Assemblymembers Ted Lieu, Karen Bass and Alberto Torrico that will require lenders to report how they’re helping consumers who face possible foreclosure, that will keep “foreclosure consultants” from using predatory methods to take advantage of homeowners and that will require lenders to provide more and better notifications to homeowners of expected mortgage payment hikes.

Assemblymember Lieu’s legislation is AB 69. For more information on it please click here.

Assemblymember Bass’ legislation is AB 180. For more information on it please click here.

Assemblymember Torrico’s legislation is AB 529. For more information on it please click here.

Assembly Banking and Finance Committee Chair Ted Lieu on the Home Mortgage Crisis

Assembly Banking and Finance Committee Chair Ted Lieu on the Home Mortgage Crisis (part 2)